Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), a pharmaceutical company focused on the development and commercialization of proprietary compounded drug formulations, today announced that it has entered into a license agreement with Advanced Dosage Forms, Inc. ("Advanced Dosage") to expand Imprimis' proprietary ophthalmic injectable and combination topical compounded formulations into Canada. Under the agreement, the licensee has the rights to formulate, market and sell these formulations across Canada. Marketing permissions under the successful existing educational campaign brands developed by Imprimis, Go Dropless™ and LessDrops™, are also part of the agreement.
The license agreement includes an initial cash license fee, and a per-unit royalty of the greater of $50, or 20% of the gross purchase price paid to Advanced Dosage. The non-exclusive agreement requires certain diligence requirements on the part of Advanced Dosage and provides for the conversion of the license to an exclusive license on or before December 31, 2015, based upon the achievement of certain terms and conditions.
"We are pleased to join forces with Imprimis and look forward to introducing Go Dropless and LessDrops to the estimated 1,200 ophthalmologists who perform over 250,000 cataract surgeries in our country each year," stated John DiGenova, Principal of Advanced Dosage. We are committed to Imprimis and have already begun to build out a sales and marketing team to call on ocular surgeons that perform cataract, LASIK and other ocular surgeries to educate them of the benefits of Dropless Therapy™ and Combination Drop Therapy™ formulations. Canadian ophthalmic surgeons, like their counterparts in the U.S., desire innovative solutions to improve their practices and create enhanced experiences for their patients."
"It is exciting to expand our Dropless Therapy injectable and Combination Drop Therapy topical formulations into Canada," stated Mark L. Baum, CEO of Imprimis. "It has been a pleasure working with John and his team and we look forward to a mutually beneficial long-term relationship. Since we launched our ophthalmology program, we have been approached by leading Canadian ophthalmic surgeons who have expressed interest in adopting Dropless Cataract Surgery™ in their practices and we are happy to now be able to respond to their interest through this new relationship. We plan to make our proprietary ophthalmic compounded formulations available internationally, and our expansion into Canada is an important first step to help us accomplish this mission."
Imprimis Pharmaceuticals; Advanced Dosage Forms, Inc.; The Frayne & DiGenova Group